GNAR just released their latest stats for the Nashville market in May, and it’s good news! For the 8th consecutive month, sales have increased. 2,270 homes were closed in May of this year, which is a 27.3% increase from the 1,738 closings reported for May 2009.
Year-to-date, there have been 8,607 closings. Last year there were 7,149, making for a 20.4% increase annually.
The average number of days on the market for a single-family home was 84 days. The median residential price in May was $167,700 for a single-family home and $151,825 for a condominium.
GNAR President Lucy Smith had this to say about May’s numbers:
"The significant increase in May is very encouraging and the sustained growth in home sales is good news for the regional economy. The residual impact of the tax credit will continue through another month, which will likely keep home sales strong. And, while the market may soften slightly after June, all those who sold their homes to people taking advantage of the tax credit have to find new places to live. With interest rates still very low and both inventory and affordability high, the market should remain healthy. Median prices for both single-family homes and condominiums are down only slightly – a reassurance that the value of homes in Greater Nashville remains consistent.
Naturally, there is a lot of conversation about what impact the recent flooding will have on the real estate market. The strong numbers for May represent activity after the flood. The flood has certainly had a huge impact on many families…but the real estate market throughout all of Greater Nashville and Middle Tennessee continues to be active.
A good supply of homes remains, despite inventory being down slightly from last year. Based on the current rate of home sales, there is about a 10-month supply of inventory. That is slightly weighted in favor of buyers, since a six to eight month supply would be considered balanced. We are closer to that balance now than has been the case in quite a while."